MIDAN
ActiveSummary
MIDAN has been active since 1988 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €164,750 and a net result of €68,410. Equity is shrinking by about 16% per year and would, assuming unchanged policy, indicatively turn negative around financial year 2026. Its solvency ranks better than 72% of 5,778 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, full format
Turnover
≈ €200,000
Estimated: probably between €100,000 and €430,000
EBIT margin
Not included in this filing
Net result
€68,410▲ 15×
2024 · €4,500
Working capital
-€82,213
2024 · €15,903
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €65,853 after a loss of €3,974 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.07m
2025
Net result€0.07m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€0.2m
2025
Equity€0.2m
2025
Debt€0.08m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.08m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)27.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency66.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.03
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4.5m--€0.02m€0.02m€3.9m▲ 224×€0.2m▼ 95.1%€0.02m▼ 91.2%-€0.004m€0.07m
Net result€4.4m--€0.005m-€0.008mwithin the sector's middle half▼ 72.7%€3.7mabove the sector's middle half€0.2mabove the sector's middle half▼ 93.4%€0.08mwithin the sector's middle half▼ 69.0%€0.005mwithin the sector's middle half▼ 94.1%€0.07mwithin the sector's middle half▲ 15×
Equity€1.4m-€1.4m▼ 0.4%€1.3mwithin the sector's middle half▼ 0.6%€1.3mwithin the sector's middle half▲ 0.4%€1.1mwithin the sector's middle half▼ 20.1%€0.2mwithin the sector's middle half▼ 85.2%€0.2mwithin the sector's middle half▲ 2.8%€0.2mwithin the sector's middle half▲ 0.2%
Total assets€6.7m-€2.4m▼ 64.8%€4.0mwithin the sector's middle half▲ 71.0%€5.2mabove the sector's middle half▲ 27.6%€1.6mwithin the sector's middle half▼ 69.0%€0.3mbelow the sector's middle half▼ 79.7%€0.2mbelow the sector's middle half▼ 48.6%€0.2mbelow the sector's middle half▲ 49.1%
Debt€5.4m-€1.0m▼ 81.1%€2.7m▲ 166%€3.8m▲ 41.0%€0.5m▼ 86.2%€0.2m▼ 68.6%€0.003m▼ 98.3%€0.08m▲ 29×
Working capital€0.6m-€0.7m▲ 33.8%€1.2mabove the sector's middle half▲ 60.0%€1.3mabove the sector's middle half▲ 9.5%-€0.4mbelow the sector's middle half-€0.1mwithin the sector's middle half▲ 69.5%€0.02mwithin the sector's middle half-€0.08mwithin the sector's middle half
Solvency20.1%-57.0%▲ 36.9pp33.1%within the sector's middle half▼ 23.9pp26.1%within the sector's middle half▼ 7.1pp67.2%above the sector's middle half▲ 41.1pp49.1%within the sector's middle half▼ 18.0pp98.3%above the sector's middle half▲ 49.2pp66.1%within the sector's middle half▼ 32.2pp
Current ratio1.10-1.72▲ 0.621.44within the sector's middle half▼ 0.291.34within the sector's middle half▼ 0.100.20below the sector's middle half▼ 1.130.23below the sector's middle half▲ 0.026.53above the sector's middle half▲ 6.300.03below the sector's middle half▼ 6.50
Return on assets (ROA)65.2%--0.2%▼ 65.4pp-0.2%within the sector's middle half=72.2%above the sector's middle half▲ 72.4pp15.3%above the sector's middle half▼ 57.0pp23.3%above the sector's middle half▲ 8.0pp2.7%within the sector's middle half▼ 20.6pp27.4%above the sector's middle half▲ 24.8pp
Staff (FTE)0within the sector's middle half
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €249,266
Fixed assets
€246,964 ▲ 66.4%
Current assets
€2,302 ▼ 87.7%
Equity and liabilities €249,266
Equity
€164,750 ▲ 0.2%
Debt
€84,515 ▲ 29×
Debt's share of the balance-sheet total rises from 1.7% to 33.9%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.51▲
2024 · 0.02
ROE
41.5%▲
2024 · 2.7%
Debt ≤ 1 year
€84,515▲
2024 · €2,877
Income taxes
€3,789▲
2024 · €1,686
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.2m | €0.03m | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.003m | €0.001m | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.002m | €304 | €115 | €0.001m | €0.01m | ▲ 11× |
| Gross operating margin9900 | €4.6m | €0.03m | €0.06m | €3.9m | €0.2m | €0.02m | -€0.003m | €0.08m | - |
| Operating profit (loss)9901 | €4.5m | -€0.02m | €0.02m | €3.9m | €0.2m | €0.02m | -€0.004m | €0.07m | - |
| Financial income75/76B | - | - | - | €0.04m | €0.07m | €0.07m | €0.01m | €0.007m | ▼ 36.7% |
| Recurring financial income75 | €0.05m | €0.03m | €0 | €0.04m | €0.07m | €0.07m | €0.01m | €0.007m | ▼ 36.7% |
| Financial charges65/66B | - | - | - | €0.01m | €484 | €156 | €150 | €180 | ▲ 20.0% |
| Recurring financial charges65 | €0.009m | €0.01m | €0.03m | €0.01m | €484 | €156 | €150 | €180 | ▲ 20.0% |
| Profit (loss) for the period before taxes9903 | €4.5m | -€0.005m | -€0.008m | €3.9m | €0.3m | €0.08m | €0.006m | €0.07m | ▲ 12× |
| Income taxes67/77 | €0.2m | - | - | €0.2m | €0.01m | €0.006m | €0.002m | €0.004m | ▲ 125% |
| Profit (loss) for the period9904 | €4.4m | -€0.005m | -€0.008m | €3.7m | €0.2m | €0.08m | €0.005m | €0.07m | ▲ 15× |
| Profit (loss) for the period to be appropriated9905 | €4.4m | -€0.005m | -€0.008m | €3.7m | €0.2m | €0.08m | €0.005m | €0.07m | ▲ 15× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.7m | €2.4m | €4.0m | €5.2m | €1.6m | €0.3m | €0.2m | €0.2m | ▲ 49.1% |
| Fixed assets21/28 | €0.8m | €0.6m | €0.2m | €0.06m | €1.5m | €0.3m | €0.1m | €0.2m | ▲ 66.4% |
| Tangible fixed assets22/27 | €0.8m | €0.6m | €0.2m | €0.06m | €0 | - | - | - | - |
| Land and buildings22 | - | - | - | €0.06m | €0 | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | €1.5m | €0.3m | €0.1m | €0.2m | ▲ 66.4% |
| Current assets29/58 | €5.9m | €1.8m | €3.9m | €5.1m | €0.1m | €0.04m | €0.02m | €0.002m | ▼ 87.7% |
| Stocks and contracts in progress3 | €1.3m | €1.5m | €3.7m | €0.4m | €0.09m | €0.02m | €0.02m | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €0.4m | €0.09m | €0.02m | €0.02m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €4.6m | €0.2m | €0.2m | €4.6m | €0.006m | €0 | - | €360 | - |
| Other amounts receivable41 | - | - | - | €4.6m | €0.006m | €0 | - | €360 | - |
| Cash at bank and in hand54/58 | €0.02m | €0.03m | €0.01m | €0.07m | €0.01m | €0.02m | €0.003m | €0.002m | ▼ 40.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.7m | €2.4m | €4.0m | €5.2m | €1.6m | €0.3m | €0.2m | €0.2m | ▲ 49.1% |
| Equity10/15 | €1.4m | €1.4m | €1.3m | €1.3m | €1.1m | €0.2m | €0.2m | €0.2m | ▲ 0.2% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €1.0m | €1.0m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.9m | €0.9m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.9m | €0.9m | €0.06m | €0.06m | €0.06m | = |
| Contributions outside capital11 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Share premium1100/10 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.09m | €0.007m | €0.01m | €0.01m | ▲ 3.6% |
| Non-distributable reserves130/1 | - | - | - | €0.09m | €0.09m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.09m | €0.09m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.3m | €335 | €0.001m | €0.005m | €0.006m | ▲ 7.8% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €5.4m | €1.0m | €2.7m | €3.8m | €0.5m | €0.2m | €0.003m | €0.08m | ▲ 29× |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.001m | €0 | - | - |
| Financial debts170/4 | - | - | - | - | - | €0.001m | €0 | - | - |
| Amounts payable within one year42/48 | €5.4m | €1.0m | €2.7m | €3.8m | €0.5m | €0.2m | €0.003m | €0.08m | ▲ 29× |
| Financial debts43 | - | - | - | €0.08m | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Other loans439 | - | - | - | €0.08m | €0 | - | - | - | - |
| Trade debts44 | €0.002m | €0.002m | €0.02m | €0.01m | €0.003m | €68 | €0.001m | €0.01m | ▲ 968% |
| Suppliers440/4 | - | - | - | €0.01m | €0.003m | €68 | €0.001m | €0.01m | ▲ 968% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €368 | €0.008m | €0.006m | €0.002m | €0.004m | ▲ 125% |
| Taxes450/3 | - | - | - | €368 | €0.008m | €0.006m | €0.002m | €0.004m | ▲ 125% |
| Other amounts payable47/48 | - | - | - | €3.7m | €0.5m | €0.2m | €0 | €0.07m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.4m | -€0.005m | -€0.008m | €3.7m | €0.2m | €0.08m | €0.005m | €0.07m | ▲ 15× |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.003m | €0.001m | €0 | - | - | - | - |
| Operating cash flow (approximation) | €4.4m | €0.03m | -€0.005m | €3.7m | €0.2m | €0.08m | €0.005m | €0.07m | ▲ 15× |
| Investment in fixed assets (approximation) | - | €0.2m | €0.4m | €0.1m | -€1.4m | €1.2m | €0.1m | -€0.1m | - |
| Change in cash | - | €0.01m | -€0.02m | €0.06m | -€0.05m | €0.007m | -€0.02m | -€0.001m | ▲ 93.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00185215 |
| 31-12-2024 | abbreviated format | 13-06-2025 | 2025-00165210 |
| 31-12-2023 | abbreviated format | 10-06-2024 | 2024-00138478 |
| 31-12-2022 | abbreviated format | 06-07-2023 | 2023-00229921 |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20152056 |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-24700559 |
| 31-12-2019 | abbreviated format | 27-10-2020 | 2020-66100153 |
| 31-12-2018 | abbreviated format | 25-06-2019 | 2019-24100481 |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-25400049 |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-24800062 |
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Of the 7,222 active companies whose main activity is buying and selling of own real estate (NACE 68110), figures are known for 5,545. 3,916 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.